Former Egyptian President Hosni Mubarak and the Shah of Iran were solidly supported by the U.S., Israel, and Western Europe -- a scenario that outraged much of the populace in each country and exacerbated festering resentments.

The wheat market saw a significant pullback overnight on profit taking, but the complex remains extremely overbought at current levels. Outside markets are offering a slightly negative tone to commodities this morning after the monetary actions by the PBOC and ECB yesterday. Crude oil is trading $1.50 lower and the U.S. Dollar is slightly higher. There were no reported deliveries made in Chicago wheat as of July 3rd, bringing the month to date total to 332 deliveries.

Iranian President Mahmoud Ahmadinejad has invited his newly elected Egyptian counterpart, Mohamed Morsi, to a summit of the Non-Aligned Movement (NAM) nations to be held in Tehran in late August to promote undeniable and constructive cooperation between the nations, an Iranian government statement said.

Syrian President Bashar al-Assad says the anti-government protests in his country are not comparable to the Arab Spring protests elsewhere, and that it's not people, but terrorists, who want to oust him from power.

Palestinian officials have called an international probe into the death of its leader Yasser Arafat, more than eight years after he died of several mysterious health complications, following a report that he could have been poisoned with a radioactive substance known as polonium.

Mohammed Morsi, the new Egyptian president, was formally sworn into office on Saturday and then spirited away to Cairo University, where he delivered a speech that both praised and condemned the nation's military, as he showed he had no fear of it.

Israeli Prime Minister Benjamin Netanyahu has sent a letter to Egypt's newly sworn-in President Mohamed Morsi, urging him to maintain peace between the two countries, following an Iranian report last week that Morsi was planning to reconsider the peace deal with Israel, Israeli daily Haaretz reported.

Former Egyptian Oil Minister Samih Fahmi has been sentenced to 15 years in prison for his role in a deal that exported natural gas to Israel below market value and cost the government over $714 million in lost revenue.

Morsi inherits an Egypt that has become crestfallen since the revolution as the democratic process stalled and the military seized control. His first tasks will be rebuilding the economy, increasing security and fostering social unity so that this great and patient people could reap the fruits of its sacrifices.

Everyone has a reason to hate the Muslim Brotherhood, which has been in the limelight ever since the brutally oppressive reign of former President of Egypt Hosni Mubarak ended. The Western mainstream opinion is united against the Brotherhood, an organization which reeks of sinister religious overtones right from its name supported suitably by its new-found Islamic-state rhetoric. But the radical Islamists in the Middle East condemn the Brotherhood equally, for luring thousands of young Musli...